Question

In: Accounting

[The following information applies to the questions displayed below.] The following data is provided for Garcon...

[The following information applies to the questions displayed below.]

The following data is provided for Garcon Company and Pepper Company.

Garcon Company Pepper Company
Beginning finished goods inventory $ 13,100 $ 16,150
Beginning work in process inventory 14,800 20,850
Beginning raw materials inventory (direct materials) 10,800 9,150
Rental cost on factory equipment 31,250 24,850
Direct labor 23,000 40,600
Ending finished goods inventory 18,800 13,700
Ending work in process inventory 26,800 20,000
Ending raw materials inventory 7,300 8,600
Factory utilities 13,200 13,500
Factory supplies used (indirect materials) 8,800 5,600
General and administrative expenses 22,000 58,500
Indirect labor 1,650 9,820
Repairs—Factory equipment 4,700 3,750
Raw materials purchases 45,500 55,000
Selling expenses 60,400 56,200
Sales 238,530 320,010
Cash 29,000 18,700
Factory equipment, net 222,500 133,825
Accounts receivable, net 13,400 23,950

Required:
1. Prepare income statements for both Garcon Company and Pepper Company.
2. Prepare the current assets section of the balance sheet for each company.

Solutions

Expert Solution

Answer 1.

Answer 2.


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